Copper Speculators Decreased Bullish Net Positions After 2 Weeks Of Gain
Zachary Storella | Jun 04, 2017 04:01AM ET
Copper Non-Commercial Positions:
Large speculators and traders decreased their bullish net positions in the copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 9,644 contracts in the data reported through May 30th. This was a weekly decrease of -3,387 contracts from the previous week which had a total of 13,031 net contracts.
Copper positions had risen the two previous weeks but this week’s decline brought net positions under the +10,000 position level for the third time in four weeks.
Copper Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -9,563 contracts on the week. This is a weekly gain of 1,166 contracts from the total net of -10,729 contracts reported the previous week.
iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC) ETN:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the JJC iPath Bloomber Copper ETN, which tracks the price of copper, closed at approximately $29.08 which was a delcine of $-0.39 from the previous close of $29.47, according to financial market data.
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